Why revelation is more valuable than transparency

* username: rupertbu

I cannot remember which illustrious journalist said it, but it went like this: “News is what somebody, somewhere does not want you to publish. All the rest is public relations.”

I remembered this aphorism last week during the growing calls for greater transparency in the affairs of Dubai World, the emirate’s former flagship company now locked in negotiations with its bankers over US$22 billion (Dh80.8bn) of outstanding loans.

Suddenly everybody, it seemed, was clamouring for greater disclosure by Dubai World of the progress of those talks. Lord Mandelson, the British business minister, was joined by Neal Wolin, the deputy secretary of the US treasury, in demanding more openness. The Financial Times added to the crescendo with a thundering leader entitled “The Murky Gulf”. Even the usually-restrained IMF got in on the act towards the end of the week. Surely, if such eminent people and organisations are demanding it, it must be a good thing.